What is a Buyer’s Agent? In the traditional buying process: a real estate agent working with a buyer WITHOUT a Buyer’s Agency contract, is by law, working as an agent of the seller. An agent working without a Buyer’s Agency contract must still be fair/ethical/honest in his/her dealings with buyers, but is prohibited BY LAW from giving the buyer critical advice such as a professional opinion of price or suggesting negotiation strategies.
WHAT’S THE DIFFERENCE? Buyers’ Agents are legally bound to help buyers, whereas listing agents (Sellers’ Agents) representing the home listing, have a financial (fiduciary) duty to the Home Seller. A Listing Agent CAN NOT represent the buyer. The Listing Agent can’t have the Buyer’s best interest at heart while representing the Seller.
For example: you attend an Open House and tell the Listing Agent (Seller’s Agent) how
much you love the home and want to buy it, but your lease is up in a month and really
have to move. A Seller’s Agent could tell the seller your clock is ticking so they shouldn’t
budge on price. You lose your negotiating power. A Buyer’s Agent would know to
keep this info private from the Sellers and the Sellers’ Agent so it couldn’t be used to compromise your negotiating position.
BUYING A HOME CAN BE COMPLEX AND STRESSFUL:
The business of buying a home is complicated, filled with paperwork, legal contracts, contingencies, financial obligations; it requires expert negotiations and problem solving. Often times, when small problems arise, if left undetected or mishandled, these can easily blow up and put your transaction in jeopardy. As your experienced Buyer’s Agents, we will be your guide throughout the home-buying process and be at your disposal for any questions or concerns.
THE AGENT/BUYER CONTRACT:
Once you agree to work with an agent, you will have to sign a contract called Buyer Agency Representation Agreement, which outlines the Agent’s responsibilities and compensation. This contract also means that this agent will be your sole representative and that you won’t work with any other agents.
WHAT DOES IT COST?
Home buyers don’t need to worry about the expense of hiring a Buyer’s Agent. The
Seller pays the commission at closing for either a Seller’s Agent or Buyer’s Agent. And
we don’t charge for the service of Buyer’s Agency.
| Services Provided: | Buyer’s
Agent |
Listing/Seller’s Agent |
| 1. Provide Opinions on Seller’s price | YES | NO |
| 2. Fight for the sales price terms & conditions that best match your criterion | YES | NO |
| 3. Negotiate exclusively on YOUR behalf throughout the transaction | YES | NO |
| 4. Anticipate problems and help solve them before they escalate | YES | NO |
| 5. Critique a Seller’s property beyond the disclosing of defects | YES | NO |
| 6. Protect your confidentiality | YES | NO |
BENEFITS OF USING A BUYER’S AGENT:
HOW TO FIND THE RIGHT BUYER’S AGENT:
A good buyer’s agent can ease your way to homeownership. You might believe you don’t need to hire your own agent…well at least until something unexpected pops up. Here are a few questions to ask:
Are they familiar with the area and neighboring home, single family and the intricacies of Condo associations? YES WE ARE!
How Experienced are they in competing in today’s competitive market place? We
have 20+ years successfully negotiating and winning bids in today’s market.
What’s their schedule and availability? We are FULL TIME and available at your convenience.
Are they able to overcome setbacks and do they have a list of preferred professionals to help solve any problems that arise during the
inspection or appraisal (or anytime during the period of the contract)? We are problem solvers! You can feel confident that as your Buyer’s Agents, we have the resources and ability to find a solution quickly to protect your earnest money and get you to closing.